4 Ways to Put Your Tax Return Money Back Into Your Business

May 8, 2017

Tax season is coming to a close, which means most have already received their tax returns. Most people are pretty satisfied during this time, finding themselves with some extra money that allows them the ability to take up some opportunities they might not have otherwise. This can be a great way to make some unique strides in your business. Some often miss out on opportunities because they do not have the funds to spare on something that may seem extraneous. If you are in a position where your tax return has provided you with the funds to create some new opportunities for your business, you should really think about re-investing this money back into your company in a way that will benefit you and your team most. Here are some ideas and suggestions that may just work for you.

1. Schedule a Team Building Exercise

Team building exercise is a term that’s pretty broad, meaning you have the opportunity to narrow it down to something that really suits your business and team best. This can include designating a time to have a productive, but interesting meeting. We know, many tend to groan upon hearing about another meeting they must attend, but using this income to make it something that’s more engaging and interesting than your average meeting can prove to be mutually beneficial. You can hire someone who specializes in team building activities, have a guest speaker come in to educate your team on a subject, or even just treat your team to a nice lunch in order to boost morale and blow off some work-related steam. Any one of these things can go a long way in promoting education while simultaneously increasing the mood of your employees, which in turn boosts efficiency.

2. Attend a Seminar or Conference

Give yourself and your team a chance to learn something new directly from an expert. Conferences and seminars usually require some travel and may incur some costs, which is why some businesses don’t actively seek out attending them, but with these funds now available for use, it may be the perfect time to have members of your team attend one. These prove to be hugely beneficial for a variety of reasons: a change of pace and environment will enthuse workers; the ability to learn from experts they don’t normally hear from will let them come back to work with a newfound skill and motivation; or, they may even be able to teach the rest of your staff something new that can be implemented in your everyday workload. It’s an investment that boasts long-term benefits.

3. Make Upgrades and Improvements

Maybe there’s a piece of machinery or technology that’s a bit outdated, is on it’s way out, or doesn’t quite work for your business. Something like this may get put on the back burner if it isn’t urgent or in need of immediate replacement, since it can at times be costly. If you now have a substantial amount of money from your tax returns, this may be something you want to focus these funds on. Having up-to-date and efficient technology is vital to have a business that also encompasses these traits. You can even see some of the updated technology PayHub offers here. Research to see what the industry standard is for your various equipment, and decide if this is something that would be best for your business.

4. Work on Your Website and Social Media

This isn’t always a focus for many businesses, but as we become an increasingly digital-oriented society, improvements may need to be made to your digital presence. If your website or social media is outdated, now may be the time to hire a web designer or social media specialist to give you direction or manage it for you. You can hire a photographer to take high quality photos of your products or work environment that would help to better represent your brand. You may be in the position where you are able to designate a current member of your team to take on one of these tasks if they are well versed in social media management, and give them a slight pay increase to reflect the additional responsibility. Look at where you currently stand in comparison to others in your industry and decide if your digital presence could be improved, then look into one of these options.